Brits welcomed exciting news last year with the announcement that the cost of home and motor insurance premiums had fallen by 4.5% and 3.5% since last year’s figures. The confirmation came from The British Insurance Brokers’ Association (BIBA), the UK’s leading general insurance intermediary organisation for a comprehensive range of sectors.
Graeme Trudgill, Executive Director at BIBA maintains that the falling costs are largely due to hard work undertaken by BIBA and the British government. “Much of the work the insurance industry has undergone with Government has been aimed at reducing the cost of insurance for families and small businesses and the latest BIBA-Acturis price index results show the industry is doing everything it can to offer competitive premiums as prices continue to fall in these areas,” he explains.
According to the index small and medium sized enterprises also reaped the benefits of reduced premiums in 2014. Drawing on its extensive data for Q3 2014, BIBA revealed that the cost of a commercial vehicle and commercial package policies dropped by 2.5% when compared to Q3 2013 figures. For SMEs taking out commercial vehicle insurance policies this represents a 3.5% drop in premiums.
Theo Duchen, Co-CEO of Acturis, the UK’s leading insurance software as a service provider takes a positive outlook on the figures, explaining that “Despite an annualised Retail Prices Index increase of over 2%, individual consumers and SMEs continue to enjoy reductions in premium and the market shows little sign of let-up in competitive intensity in these segments.”
The falling costs of home, motor insurance and SME premiums are a fantastic opportunity for Brits to tighten their budgets and snap up a great deal in the New Year.
One of the best places to find cheap insurance is by using an online quote compare website which trawls the web for the best deals on the market. Quick, simple and incredibly easy, this is a fantastic way for property, car and business owners to minimise insurance outgoings.
Another great way to slash insurance costs in 2015 is to review current policies and determine whether or not any extras are really necessary. Far too often insurance policy holders are paying for frills that they simply don’t need. A quick overview of what’s currently being paid for is one of the easiest and most effective ways to save even more cash on insurance premiums.